Phoenix Coyotes talks between Glendale, Ice Edge break down

Talks between Glendale and Ice Edge Holdings, one of the groups interested in purchasing the Phoenix Coyotes, broke down late Monday afternoon, according to Grant Woods, Ice Edge's legal counsel.

"Ice Edge has had a great connection with the Phoenix fans and had financing in place to close the deal in eight weeks. So it is too bad the city couldn't get this done," Woods said.

Glendale officials declined comment Monday.

Ice Edge had previously said it expected Monday to finalize an exclusivity agreement for its negotiations with the city over a lease at Jobing.com Arena, where the NHL team plays.

The agreement would have forced out the other group, led by Chicago sports mogul Jerry Reinsdorf.

Some media outlets have reported Reinsdorf's bid for the Coyotes was being shelved, but Reinsdorf has declined comment, saying the preliminary agreement his group reached with Glendale last month speaks for itself.

Meanwhile, the Glendale City Council should vote Tuesday evening to enter an agreement that would guarantee to the National Hockey League that the city would cover the team's operating deficits for the 2010-11 season if a permanent buyer is not found.